Ok so currently im renting a 1br 700sqft apartment on the 6th floor in Manhattan(not in the rich part) for $1308 monthly. Elevator building. Prewar , non renovated but in good condition.
Unit is rent stabalized and the rent can only be raised %1-3% yearly(no higher).
Only downsides is that street parking is pretty much nonexistent to the point where i have to plan my day around it. But other than that im generally happy here.
I was looking around on zillow and a co-op 1br 700sqft ground flr apartment caught my eye for $175k in a more car friendly neighborhood. Maintenance is 600 a month. %20 downpayment.
I can afford this place on paper. I have the necessary savings and income. I also don't want to treat this as an investment. I Have no interest in doubling my money or subletting. I just want a place that i can fully pay off in 5 years time and enjoy a low monthly housing expense for the next 20 years.
Are there any possible pitfalls of co-ops that will make me regret my decision??? Seems too good to be true
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source https://www.reddit.com/r/RealEstate/comments/ou0rl3/stay_in_rent_stabalized_apartment_or_buy_coop/
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